Waaree Renewable Technologies Announces Financial Results

Waaree Renewable Technologies reported a 3.48 GWp unexecuted order book for the next 12–15 months and a strong 27 GWp bidding pipeline. During the quarter, it secured 1,218 MWp and 29.4 MWp ground-mounted solar orders, and approved capex for two 14 MWp IPP plants in Maharashtra and a 37.5 MWp plant in Bikaner, Rajasthan.

October 11, 2025. By News Bureau

Waaree Renewable Technologies has reported its highest-ever quarterly performance for the second quarter of FY26, ended September 30, 2025, driven by strong execution and a growing renewable energy market.

For the second quarter of FY26, the company reported strong financial performance with revenue from operations reaching INR 774.78 crore, marking a 47.73 percent Year-on-Year (YoY) growth compared to INR 524.47 crore in Q2 FY25. The company’s EBITDA rose sharply by 120.69 percent to INR 157.94 crore, up from INR 71.57 crore in the same period last year, reflecting improved operational efficiency. Similarly, Profit After Tax (PAT) more than doubled to INR 116.34 crore, representing a 117.40 percent YoY increase over INR 53.52 crore reported in Q2 FY25.

For the first half of FY26, the company achieved a revenue of INR 1,377.97 crore, reflecting a robust 81.12 percent YoY growth compared to INR 760.82 crore in H1 FY25. The company’s EBITDA surged by 144.56 percent to INR 275.48 crore, up from INR 112.65 crore in the corresponding period last year, highlighting strong operational performance. Additionally, PAT grew by 148.21 percent, reaching INR 202.73 crore as against INR 81.68 crore in H1 FY25, underscoring the company’s consistent financial momentum.

Waaree Renewable Technologies also reported an unexecuted order book of 3.48 GWp, to be delivered over the next 12-15 months, with a robust bidding pipeline of over 27 GWp. During the quarter, the company secured significant orders, including 1,218 MWp and 29.4 MWp ground-mounted solar projects. The Board has also approved capital expenditure for developing two 14 MWp IPP solar plants in Maharashtra and a 37.5 MWp plant in Bikaner, Rajasthan.

Commenting on the results, Manmohan Sharma, CFO, Waaree Renewable Technologies, said, “We are pleased to report the highest ever quarterly revenue of INR 774.78 crore for Q2 FY26, compared to INR 524.47 crore in Q2 FY25, delivering a robust growth of 47.73 percent. The substantial growth in the numbers is a result of our execution capabilities and increasing sector performance.

“India’s renewable energy momentum continues to build, with total installed capacity reaching 256.1 GW as of September 2025 marking a significant milestone in its clean energy transition reaching halfway to the 500 GW target of 2030 and further aligning with India’s long-term net-zero vision. Solar energy accounts for 127.33 GW of the total renewable installed capacity, underscoring its pivotal role in the country’s clean energy transition, driven by robust policy support, and ambitious national targets.”

He further said, “India’s solar EPC sector is also rapidly evolving and our integrated capabilities place us at the forefront of this transformation. With a robust solar EPC unexecuted orderbook of 3.48 GWp, we are strategically positioned to execute large-scale, integrated energy projects and lead India’s energy transition by serving value across the lifecycle from design and delivery to commissioning and O&M. Further, the company is also building substation and transmission line for specific solar power project.”

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Waaree Renewable Technologies Limited

Ground-mounted solar orders

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Manmohan Sharma